Crypto miner Hive Digital Technologies Ltd. has expanded its data center operations in Sweden with the acquisition of a new property in Boden. This move is expected to enhance Hive’s Bitcoin production capabilities and is strategically located near its existing data center in the region. The company’s expansion aligns with its broader strategy of embracing new technological domains such as artificial intelligence and cloud computing while maintaining its core involvement in crypto mining. The acquisition also demonstrates Hive’s commitment to environmental responsibility and energy efficiency, as the new data center will be powered by “green” energy. Sweden’s favorable crypto regulation framework, including clear tax classifications and stringent customer identification procedures, has contributed to the country’s attractiveness for crypto mining companies like Hive. However, the industry faced challenges in 2023, including a significant tax hike on electricity for data centers used in crypto mining. To cope with this increase, some miners considered diversifying their operations to other regions or switching to self-mining. Despite the pivot towards AI technologies, Hive’s CEO and Chairman emphasized that blockchain and AI can coexist and remain pillars of Web3.

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Information	Details
Geography	Europe
Countries	🇸🇪
Sentiment	positive
Relevance Score	1
People	Frank Holmes, Aydin Kilic, Johanna Thornblad
Companies	Toronto Stock Exchange (TSX-V), Turis AB, European Union (EU), Hive Digital Technologies Ltd, Swedish Tax Agency (Skatteverket)
Currencies	Bitcoin
Securities	None